GST Rate Cuts: A Boon for Indian Industries and Consumers
Indian industry leaders across sectors celebrate recent GST rate cuts, anticipating enhanced competitiveness and direct consumer benefits. Reductions in GST rates on medical devices and textiles are welcomed, promising increased production, improved access, and a boost to both local and global markets.
- Country:
- India
In a significant move applauded by industry associations and trade bodies, the Indian government's announcement of reduced Goods and Services Tax (GST) rates has been met with overwhelming approval. Sector leaders spoke to ANI, highlighting the potential for increased competitiveness and direct consumer benefits.
Representatives from various sectors, including Manish Singhal, Secretary General of ASSOCHAM, and Rajiv Nath of the Association of Indian Medical Device Industry (AIMED), praised the reforms. Singhal emphasized the anticipated rise in production and investment, while Nath noted the reduction in GST on medical devices from 12 to 5 percent, making healthcare more affordable.
Other industry voices, such as Himanshu Baid of Poly Medicure, commended the GST rate cut on essential medical products, which promises to drive local consumption. The textile sector echoed this sentiment, with Ravi Sam of TEXPROCIL calling the reform a major relief. Overall, the consensus is that the GST cuts represent a strategic advancement for both domestic growth and global market competitiveness.
(With inputs from agencies.)
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